Perception Gap Between Employees & Employers {Lecture Notes}
Why employers should care when employees have their ...
Transcript of Why employers should care when employees have their ...
Allstate Identity Protection Presents
Why employers should care when employees have their identities stolen
13%Identity fraud
losses increased 13% over the prior year to a total of $16.9 billion
(USD) in 20194
2
Why employers should care when employees have their identities stolenYear after year, identity theft causes personal and financial harm, and it’s not only your employees who end up paying a price. When your employees have their identity stolen, this can spell big problems for your business as well. Let’s take a closer look at why this is the case, and, most importantly, what you can do to protect your company’s greatest asset — your employees.
State of identity theftWith data breaches occurring at an alarming rate, it’s no surprise your employees are concerned with having their identity stolen. In 2018, 471.23M records were exposed due to data breaches in the United States1 — compromising more than 14.4 million people’s identities.2 So, the chances that your employees will experience identity theft in the future, if they have not already, is a very real possibility.
21%of those who have
experienced identity theft have been
the victim of multiple incidents7
41%of Americans have been
either a victim, or know someone who
has been a victim of identity theft6
#1Identity theft was the most common
fraud complaint reported to the
FTC in 20193
#1Americans rate
criminal hacking as the number one threat to
their health, safety, and prosperity5
In most instances, cybercriminals are able to steal every employee’s personal data in a single attack
33% of phishing attacks come from emails designed to appear as though they are coming directly from the CEO of an organization8
Identity theft is often perpetrated by fellow employees and sometimes even managers and executives
As much as 50% of identity theft originates in the workplace9
4
Employers often play a role in employee identity theft
One of the many reasons employers should care about identity theft is that they often directly contribute to their employee’s identity being stolen, despite the best of efforts. In fact, employers are often the biggest culprit in breaching individual privacy. This is largely because state and federal laws require employers to maintain a tremendous amount of personal information on every employee, from Social Security numbers to addresses.
Courts are increasingly holding employers liable for the loss of their employees’ confidential information, even in the absence of a specific law requiring them to protect such data
35% of companies said identity theft-related attacks led to the loss of productivity and another 8% said the attacks damaged their company’s reputation10
When employees have their identities stolen, they can become easily distracted at work due to the tremendous financial and legal burden placed on them:
32% of victims said identity theft caused problems for them at their place of work11
More than 77% reported increased stress levels and nearly 64% said they had trouble concentrating at work and home11
It can cost your employees around $13,000 out of pocket to resolve issues stemming from medical identity theft12
An employer can also expect employees who are victims of identity theft to miss a significant amount of work. The average amount of time required to resolve the repercussions of identity theft can take up to 200 hours — or approximately six months — per person13
Gallup’s annual State of the American Workplace 2017 report found companies with low levels of engagement, when compared to companies with high levels of engagement, experience:14
20% lower sales
17% less productivity from identity theft
21% lower profitability
Between 24% - 59% higher turnover
70% more employee safety incidents
6
Identity theft costs
In addition to the moral obligation an employer has to help protect their employees’ identities, they also have a financial one. When employees have their identities stolen, companies can pay big.
Tools to assist in monitoring and preserving your online reputation across social networks
A dedicated advocate to guide and manage your employee’s full recovery process, restoring credit, identity, accounts, finances, and their sense of security, in the event identity theft does occur
A $1,000,000 Identity Theft Insurance Policy† to cover lost wages, legal fees, medical records request fees, CPA fees, child care and more
Research by Willis Towers Watson found that 36% of employers currently offer identity protection as a voluntary benefit and 63% of employers plan to extend it by 2021, making identity theft protection one of the fastest-growing benefits offered to employees today.15 And, with a number of solutions on the market, it’s imperative you select a plan that goes far above and beyond traditional credit monitoring services. Make sure the plan you select contains the following features, all of which come standard with Allstate Identity Protection:
8
We’re here to help you protect your employees
A powerful and easy way for employees to see online accounts and identify potential breaches with the Allstate Digital FootprintSM
Proactive alerts that notify on applications for credit cards, wireless carriers, utility accounts, and non-credit accounts
The monitoring of high-risk identity activity such as password resets, fund transfers, unauthorized account access, compromised credentials, address changes, and public record alerts
†Identity theft insurance underwritten by insurance company subsidiaries or affiliates of Assurant. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions, and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.
Allstate Identity Protection is the marketing name used by InfoArmor, Inc., a subsidiary of The Allstate Corporation.
9
Allstate Identity Protection7350 N Dobson Road, Suite 101Scottsdale, AZ [email protected] 800.789.2720www.allstate.com/AIP
If you’re serious about protecting your employees’ identities, reach out. We’d love to help get you started.
10
Sources1. Clement, J., “Annual number of data breaches and exposed records in the United States from 2005 to 1st half 2020.” Statista, October 2020
2. “2019 Identity Fraud Study.” Javelin Research & Strategy, March 2019
3. “Consumer Sentinel Network: Data Book 2019.” FTC.gov. 2019
4. Tedder, Krista and Buzzard, John “2020 Identity Fraud Study: Genesis of Identity Fraud Crisis.” Javelin Strategy & Research. April 2020
5. “Americans now perceive “criminal hacking” as greatest technology risk to their health, safety and prosperity, ESET survey finds.” ESET.com. September 2017
6. White, Martha C. “Here’s How Many Americans Have Been Victimized by Identity Theft.” Money.com. October 2016
7. Douglas, Rob. “Trends and statistics about identity theft.” ConsumerAffairs.com. May 2020
8. Baker, Steven C. “Is That Email Really From ‘The Boss?’” BBB. September 2019
9. Del Rio, Eva. “Identity Theft At Work – How to Protect Yourself and Employees.” SHRM. March 2015
10. “Identity Theft and the Workplace.” HR Hero. 2016
11. “The Aftermath®: The Non-Economic Impacts of Identity Theft.” IDTheftCenter.org. 2018
12. “Fifth Annual Study on Medical Identity Theft.” Ponemon Institute. February 2015
13. “How to protect yourself against the theft of your identity.” The Economist. September 2017
14. “State of the American Workplace Report.” Gallup. 2017
15. “The Willis Towers Watson 2018 Emerging Trends: Voluntary Benefits and Services Survey.” Willis Towers Watson, 2018
Allstate Identity Protection7350 N Dobson Road, Suite 101
Scottsdale, AZ [email protected]
800.789.2720www.allstate.com/AIP